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<p><em>Our weekly roundup of news from East Asia curates the industrys most important developments.</em></p>
<h2 class="wp-block-heading" id="hong-kong-regulators-consider-adding-staking-to-spot-etheretfs">Hong Kong regulators consider adding staking to spot Ether&nbsp;ETFs</h2>
<p>Hong Kong regulators are considering allowing crypto ETF issuers in&nbsp;the East Asian city&nbsp;to stake their custodied Ether. According to <a href="https://www.bloomberg.com/news/articles/2024-05-23/crypto-etfs-hong-kong-considers-allowing-staking-for-ether-etfs-eth" target="_blank" rel="nofollow">reports</a>, talks for greenlighting ETH staking are&nbsp;currently&nbsp;ongoing, and there is no clear deadline for a decision. If approved, staking on the Ethereum network would allow issuers to earn a yield of up to 3.6% per annum by validating transactions.&nbsp;</p>
<p>But since their launch on April 30, Hong Kong spot Ether ETFs haveseen <a href="https://farside.co.uk/?p=1508" target="_blank" rel="nofollow">little</a> tonotraction.Three funds have just $44.9 million in custody, with net outflows of $2.2 million. On certain days, the Ether ETFs experienced no inflows whatsoever. Fee-wise, the spot crypto ETFS charge upwards of 1% per annum, compared to less than 0.30% for their U.S. counterparts.</p>
<h2 class="wp-block-heading" id="worldcoin-reprimanded-in-hongkong">Worldcoin reprimanded in Hong&nbsp;Kong&nbsp;</h2>
<p>OpenAI CEO Sam Altmans flagship crypto project, Worldcoin, has been sanctioned in Hong Kong due to alleged privacy violations.</p>
<p>According to local reports <a href="https://gbcode.rthk.hk/TuniS/news.rthk.hk/rthk/ch/component/k2/1754201-20240522.htm?spTabChangeable=0" target="_blank" rel="nofollow">citing</a> the Office of the Privacy Commissioner for Personal Data, authorities have requested Worldcoin to cease collecting data of&nbsp;local&nbsp;residents from the firm’s iris scanning devices.&nbsp;</p>
<p>Investigators alleged thatprior toscanning their biometrics, participantswere not properly informedaboutthe collection oftheir private data, which would “be retained for up to 10 years to train the artificial intelligence model for the identity verification process.”</p>
<p>In response, Worldcoin has <a href="https://worldcoin.org/blog/worldcoin/privacy-security-transparency-choice-control-worldcoin-update" target="_blank" rel="nofollow">stated</a> that the firm “doesn’t seek to know, share or profit from a person’s identity or personal information, only to verify that they are human and unique.”</p>
<p>Over 10 million users worldwide <a href="https://cointelegraph.com/news/worldcoin-reaches-10-m-users-70-m-transactions-dozen-goats-ubi" target="_blank" rel="nofollow">have signed up</a> for Worldcoin since its launch in June 2023. Users who scan their irises can receive the WLD token as an incentive.&nbsp;</p>
<figure class="wp-block-image aligncenter size-large is-resized">
 <img decoding="async" width="1024" height="768" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/05/Fw2RcQBWcAA-g1G-1024x768.jpg" alt="Sam Altman standing beside a Worldcoin iris scanner. (X)" class="wp-image-33001" style="width: 100%;height:auto" srcset="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/05/Fw2RcQBWcAA-g1G-1024x768.jpg 1024w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/05/Fw2RcQBWcAA-g1G-300x225.jpg 300w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/05/Fw2RcQBWcAA-g1G-770x578.jpg 770w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/05/Fw2RcQBWcAA-g1G-1536x1152.jpg 1536w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/05/Fw2RcQBWcAA-g1G.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  <em>Sam Altman standing beside a Worldcoin iris scanner. (X)</em>
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="women-take-charge-of-world-s-largest-cryptoexchanges">Women take charge of world’s largest crypto&nbsp;exchanges&nbsp;</h2>
<p>Binance co-founder Yi He and Bitget CEO Gracy Chen, both former Chinese television hosts, currently run the worlds largest crypto exchanges, facilitating $36.5 billion and $4 billion in spot trading volumes, respectively.</p>
<p>Chen, formerlyBitget’smanaging director, <a href="https://www.bitget.com/blog/articles/a-letter-from-bitget-ceo" target="_blank" rel="nofollow">announced</a> her promotion to CEO on Tuesday. “I’m beyond grateful to be on this journey with every one of you,” she wrote. “Let’s roll up our sleeves, dream big, and make some magic happen!”</p>
<p>Chen described how, at 18, she received a scholarship to study applied mathematics in Singapore and became a television host for a Chinese finance and technology program upon graduation. There, she learned about Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" target="_blank" rel="nofollow">BTC</a>) from her interviewees in 2015, back when it cost $300 apiece:</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p>“I began by reading the Bitcoin white paper and was instantly hooked. As a mathematician, I loved the mathematical beauty of it. I was excited by how democratic the system was.&nbsp;Mostly, I&nbsp;was drawn&nbsp;to the way&nbsp;it established a new decentralized ledger that complements the traditional centralized financial industry.”&nbsp;</p>
</blockquote>
<p>She is now at the helm of the Bitget exchange, running a staff totaling more than 1,500. Meanwhile, Binances Yi He a bridesmaidat Chen’s wedding has a similar story, starting her humble journey in crypto in 2013 when Bitcoin was still trading at $1,100.</p>
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<p>Yi He met Star Xu, founder of Okcoin (now OKX exchange), who was looking for a well-known influencer to promote the brand. Having made a small fortune from the Chinese stock bull market in 2006 to 2008, He became interested in the crypto space and accepted an offer to become the vice president of OKcoin.</p>
<p>During this time, He met her future spouse, Changpeng “CZ” Zhao, who became its chief technology officer.After a brief fallout with Okcoin, He and CZ joined hand in hand together to found the Binance exchange in 2017.CZ is no longer involved in Binances decision-making or operations due to some legal unpleasantness. He and current CEO Richard Teng have since taken the reins, frequently sharing their outlook on the future of the crypto industry.</p>
<figure class="wp-block-image aligncenter size-large is-resized">
 <img decoding="async" width="1024" height="683" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/05/8dd0d6e1c30fdd0e289cc2988701ae371716276921459-1024x683.jpg" alt="Binance co-founder Yi He (Right) with Bitget CEO Gracy Chen (Bride). " class="wp-image-33004" style="width: 100%;height:auto" srcset="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/05/8dd0d6e1c30fdd0e289cc2988701ae371716276921459-1024x683.jpg 1024w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/05/8dd0d6e1c30fdd0e289cc2988701ae371716276921459-300x200.jpg 300w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/05/8dd0d6e1c30fdd0e289cc2988701ae371716276921459-770x513.jpg 770w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/05/8dd0d6e1c30fdd0e289cc2988701ae371716276921459-1536x1024.jpg 1536w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/05/8dd0d6e1c30fdd0e289cc2988701ae371716276921459.jpg 1620w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  <em>Binance co-founder Yi He (left) with Bitget CEO Gracy Chen (center).</em>
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="boyaa-interactives-crypto-bet-paysoff">Boyaa Interactives crypto bet paysoff</h2>
<p><a href="https://cointelegraph.com/magazine/bybit-notcoin-listing-debacle-china-firm-profit-after-crypto-buy-asia-express/" target="_blank" rel="nofollow">On May 16, Asia Express reported </a>that Hong Kong gaming firm Boyaa Interactive anticipated its profits from Q1 would soar twelvefold. The company has invested $100 million of its corporate funds into crypto and plans to invest $100 million more. The official results have been released and <a href="https://www.boyaa.com.hk/attachment/2024052300282_c.pdf" target="_blank" rel="nofollow">show</a> that the firm recorded a profit of $48.67 million on its digital asset holdings in Q1, which is more than triple the company’s gaming revenue during the same period. <br><br>The crypto riches appear to have enticed the company into shifting into Web3 gaming as well, writing:</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p>“In particular, the operation model of Web3 game products has been intensively cultivated in terms of product refinement and operation diversification to create high-quality chess and card game products.”</p>
</blockquote>
<p>In the past year, the companys stock, listed on the Hong Kong Stock Exchange, has gained over 325%, reflecting its crypto profits. At the time of publication, shares traded at $0.28 apiece.</p>
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<h2 class="wp-block-heading" id="another-hong-kong-firm-joins-the-crypto-fomo">Another Hong Kong firm joins the crypto FOMO</h2>
<p>Inkeverse Group Limited, a Hong Kong entertainment streaming group, will <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0522/2024052200442_c.pdf" target="_blank" rel="nofollow">follow</a> in the <a href="https://cointelegraph.com/magazine/hong-kong-game-company-90m-btc-eth-china-uae-cbdc-deal-asia-express/" target="_blank" rel="nofollow">footsteps of Boyaa Interactive</a> and invest up to $100 million of its corporate funds into cryptocurrencies. The Board believes in the potential of cryptocurrencies and the impact of investing cryptocurrencies on the Groups Web3.0 business development strategy and asset allocation strategy, its staff wrote.</p>
<p>The company’s initial allocation plan involves $60 million in Bitcoin, $20 million in Ether, and $20 million in USD Coin. In supporting its decision, Inkeverse praised both Bitcoins “tremendous growth potential”andEthereums“development of layer-2 solutions”and said that “investing in multiple cryptocurrencies reduces the risk associated with the volatility of any single cryptocurrency.”Once finalized, Inkeverse will purchase the cryptocurrencies on the open market through regulated platforms such as HashKey and OSL Exchange.</p>
<figure class="wp-block-image aligncenter size-large is-resized">
 <img decoding="async" width="1024" height="576" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/05/MTY1NTE3MDk4ODk0NCM1MDQjcG5n-1024x576.png" alt="The Inkeverse metaverse on its official app. " class="wp-image-33005" style="width: 100%;height:auto" srcset="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/05/MTY1NTE3MDk4ODk0NCM1MDQjcG5n-1024x576.png 1024w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/05/MTY1NTE3MDk4ODk0NCM1MDQjcG5n-300x169.png 300w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/05/MTY1NTE3MDk4ODk0NCM1MDQjcG5n-770x433.png 770w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/05/MTY1NTE3MDk4ODk0NCM1MDQjcG5n.png 1437w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  <em>The Inkeverse metaverse on its official app.</em>
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="osl-exchange-joins-msci-hong-kong-index">OSL Exchange joins MSCI Hong Kong Index</h2>
<p>Local crypto exchange OSL on May 22 <a href="https://osl.com/press-release/osl-group-msci-hong-kong-index-constituent-digital-assets-global-stage/" target="_blank" rel="nofollow">became </a>the first crypto firm in Hong Kong to join the MSCI Hong Kong’s market-cap weighted index, which is composed of 30 constituents.</p>
<p>“As business expands and the company attracts rising investor interest, we anticipate inclusion in more equity indices,”commented Patrick Pan,chairman of the board and CEO of OSL.The MSCI Hong Kong Indexis usedby its namesake, the iShares MSCI Hong Kong ETF, to track the performance of its underlying companies.</p>
<p>Formerly BC Technology Group, the firm changed its name this year to that of its crypto exchange subsidiary to better reflect its digital asset business.&nbsp;Over the past year, shares have soared over 170%&nbsp;as&nbsp;it became the first pair of licensed crypto exchanges in Hong Kong alongside HashKey Exchange.&nbsp;</p>
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Hong Kong streaming firm to buy $100M of crypto, Worldcoin sanctioned: Asia Express

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